The new men at Ford

OCTOBER 31, 2001

The new men at Ford

JACQUES NASSER has as expected been replaced as chief executive of the Ford Motor Company by William Clay Ford Jr. Nick Scheele, vice president for Ford North America, had been named chief operating officer and veteran banker Carl Reichardt has been named vice-chairman. Reichardt joins Ford from Wells Fargo. He will be in charge of finance and comes to Dearborn with a reputation as an aggressive cost-cutter who delights shareholders by refusing to waste money. Ford shares have fallen 31% in value this year as profits have fallen.

The big question now is whether the change of management in Dearborn will have any effect on the Jaguar Racing Formula 1 program.

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